The crop protection market was USD 62.87 billion in 2016 and is estimated to reach USD 87.83 billion by 2022 at a growth rate of 5.73% compounded annually.
Latin America leads the crop protection market with a market share of 26.13 % in 2016 closely followed by APAC and Europe. APAC is expected to be the fastest growing market during the forecasted period. On the other hand, North America which witnessed a decline in the growth in 2014 as a result of unfavorable weather conditions is recovering steadily.
Insecticides, Fungicides, Herbicides, and Seed treatment are the major segments in the crop protection market. Herbicides market is expected to be the fasted growing segment for the forecasted period. Seed treatments are expected to have an impact on the market as well. Microbial seed treatment on field crops is driving the bio-pesticides market.
Factors like increasing population, decreasing arable land, focus on productivity, increasing purchasing power are driving the global crop protection market. As such, farmers are under pressure to increase yields and this, in turn, is increasing the demand, which help enhance the yield and quality of crops.
However, regulations / laws related to pesticide use for reducing the damage to the environment, consumer awareness on consumption of food from pesticidal crops are limiting the growth of the market. Rising sale of spurious pesticides and spiked bio-pesticides also pose a major threat to industry growth. This negatively impacts the revenues of the organized sector.